Under New Jersey law, a lender that wants to foreclose has to send the debtor a notice of intent (NOI). This indicates that a foreclosure is coming in the future, providing information to the borrower and also giving them a timeline.
For instance, after receiving the notice, the homeowner has 30 days. They can make payment arrangements with the lender, pay off the balance (cure the debt), or take other action. If they do not, then the foreclosure will commence.
But other than a deadline, what has to go in the notice?
Key information
While each notice may not be exactly the same, there is a list of things that need to be included under current laws. These include:
- The reason for the foreclosure.
- The total amount still owed on the debt.
- The contact info for the lender.
- Statements regarding the debtor’s options, such as transferring the title or selling the property.
- Explanations of the foreclosure process if the debt isn’t paid off.
- Any available resources that may help the homeowner address that debt.
Additionally, the notice just has to tell the homeowner about their rights. For instance, they have a right to an attorney or they may need more information regarding foreclosure mediation programs and other such options.
What comes next?
Perhaps you’re in a situation where you have already received the notice of intent to foreclose. You’ve already missed payments, and you’re now within the 30-day waiting period, trying to look into your legal options. It can be helpful to work with an experienced legal team at this time.
